Victoria’s petroleum (oil and gas) exploration and production is concentrated in the offshore Commonwealth waters of the Otway and Gippsland basins.
The offshore Gippsland Basin covers approximately 46,000km2. It is one of Australia’s most prolific systems, having historically generated approximately two thirds of Australia’s cumulative oil production and one third of its gas.
Crude oil production in offshore Victoria peaked in 1985 with an annual production of 178 million barrels (Mbbl), or 90% of the total Australian crude oil output that year, compared with annual production of 11.7 Mbbl in 2014. Victorian gas production in 2014 was 11,729,792 million cubic feet (Liquid Petroleum Gas and Sales Gas).